Turkey: bonds

Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TRY 55 491 472 793 394
USD 28 62 548 300 000
EUR 4 5 500 000 000
JPY 3 370 000 000 000
corporate
TRY 317 38 530 909 871
USD 90 47 600 998 000
EUR 16 2 687 473 000
JPY 2 1 900 000 000
MYR 1 800 000 000
AUD 1 175 000 000
RON 1 108 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Ziraat Bank, 5.125% 3may2022, USD - International bonds XS1605397394 5.125% 600 000 000  USD 04/25/2017 05/03/2022
Turkiye Is Bankasi, 6.125% 25apr2024, USD - International bonds XS1578203462 6.125% 750 000 000  USD 04/20/2017 04/25/2024
Garanti Bank, 0% 19jul2017, TRY (93D) - Domestic bonds TRQGRAN71719 0% 214 380 000  TRY 04/17/2017 07/19/2017
Garanti Bank, 0% 15jun2017, TRY (62D) - Domestic bonds TR0GRAN00C91 0% 35 000 000  TRY 04/14/2017 06/15/2017
Garanti Bank, 0% 13jun2017, TRY (62D) - Domestic bonds TR0GRAN00C83 0% 70 000 000  TRY 04/12/2017 06/13/2017
Garanti Bank, 0% 29sep2017, TRY (175D) - Domestic bonds TRQGRAN91717 0% 339 650 000  TRY 04/07/2017 09/29/2017
Turk Traktor, FRN 3apr2020, TRY (1092D) - Domestic bonds TRSTTRK42012 IECM3M+3.17% 75 000 000  TRY 04/07/2017 04/03/2020
Timur Gayrimenkul, 0% 4apr2019, TRY (728D) - Domestic bonds TRSTIMG41917 0% 50 000 000  TRY 04/06/2017 04/04/2019
Garanti Bank, 0% 8jun2017, TRY (63D) - Domestic bonds TR0GRAN00C42 0% 70 000 000  TRY 04/06/2017 06/08/2017
Destek Faktoring, 0% 25sep2017, TRY (173D) - Domestic bonds TRFDSTF91711 0% 33 000 000  TRY 04/05/2017 09/25/2017

Cbonds Bond Market Indices

Daily indices

Type: 04/27/2017 04/26/2017 04/25/2017 04/24/2017 04/21/2017 04/20/2017 04/19/2017
Euro-Cbonds Sovereign Turkey
Euro-Cbonds Sovereign Turkey  139.43 138.85 138.76 138.99 138.88 138.66 138.63
Euro-Cbonds Sovereign Turkey PI 96.56 96.16 96.11 96.29 96.26 96.12 96.11
Euro-Cbonds Sovereign Turkey D 2 645.00 2 637.00 2 638.00 2 642.00 2 643.00 2 641.00 2 640.00
Euro-Cbonds Sovereign Turkey YTM 5.27 5.33 5.34 5.31 5.32 5.33 5.34
Euro-Cbonds Sovereign Turkey YTM eff 5.35 5.40 5.41 5.38 5.39 5.41 5.41
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World Bond market statistics

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016
Domestic government bond market (Eastern Europe)
Turkey govt Bonds outst., EUR bln (without Bills) 127.97 127.30 118.59 129.07 130.89 139.67 140.79
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Turkish international bonds, USD bln 120.600 117.900 120.000 113.900 110.800 112.200 113.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Turkey, USD bln 4.100 2.100 6.000 2.200 -1.000 -1.500 1.400

Emerging Markets International Bonds

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016
Eastern Europe International Bonds Markets
International bonds of Turkey, USD bln 116.266 114.927 115.115 113.262 113.272 105.764 102.889
Turkey’s sovereign international bonds, USD bln 71.738 71.748 72.238 69.905 70.029 61.838 60.671
Turkey’s corporate international bonds, USD bln 44.528 43.179 42.877 43.357 43.243 43.925 42.218
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Credit Risk Indicators

Daily indices

Type: 04/27/2017 04/26/2017 04/25/2017 04/24/2017 04/21/2017 04/20/2017 04/19/2017
CDS Interactive Data 
CDS 6M Turkey * * * * * * *
CDS 1Y Turkey * * * * * * *
CDS 2Y Turkey * * * * * * *
CDS 3Y Turkey * * * * * * *
CDS 4Y Turkey * * * * * * *
CDS 5Y Turkey * * * * * * *
CDS 7Y Turkey * * * * * * *
CDS 10Y Turkey * * * * * * *
CDS 15Y Turkey * * * * * * *
CDS 20Y Turkey * * * * * * *
CDS 30Y Turkey * * * * * * *
CDS Emerging markets (sov.) 
CDS 5Y Turkey mid * * * *   * *
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Risk Management Institute

Daily indices

Type: 04/27/2017 04/26/2017 04/25/2017 04/24/2017 04/21/2017 04/20/2017 04/19/2017
RMI CVI - Europe
Turkey CVI value weighted  27.77 27.70 27.11 27.56 28.23 28.19 29.07
Turkey CVI tail  118.94 124.95 122.14 130.31 122.61 122.42 125.59
Turkey CVI equally weighted  37.38 37.87 37.59 38.09 38.01 38.03 38.70
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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Turkey) 10.13 10.13 9.22        
Consumer Prices Indices (CPI, Global)
HICP Turkey, Monthly rate of change, %  1.00 0.80 2.50 1.70 0.30 1.60 0.30
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Turkey) 28.30 27.50 33.50

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ (publication was suspended since 30.10.2013) 
EMBI+ Turkey spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Turkey * * * * * * *
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